(Washington, D.C.) The National Restaurant Association
released the following statement on the European Union Commission’s draft proposal to cap credit and debit card swipe fees.
“This step forward by Europe is further evidence of how much more work needs to be done to correct the anticompetitive swipe fee market in the U.S. that results in excessive, non-transparent fees for restaurants and foodservice establishments, the entire merchant community and ultimately our customers,” said Scott DeFife, EVP, Policy and Government Affairs, National Restaurant Association. “While we are still reviewing the details of the proposal, and care needs to be taken to protect emerging competitive markets in mobile payments, we believe that the policies outlined in the European Commission’s proposal – more transparency, fairer business rules, and limitations on anticompetitive behavior – as reported by the Financial Times, would have significant benefits for restaurateurs and our customers if enacted in the U.S. Furthermore, the lower fees show the great disparity with recent Federal Reserve allowances of fees that are significantly higher here. We strongly encourage U.S. regulators and policymakers to consider further domestic card market reforms.”
The National Restaurant Association has been a leader in the swipe fee reform debate for more than a decade and helped secure important reforms to the U.S. debit interchange fee market under the “Durbin amendment.” The National Restaurant Association is a member of the Merchants Payments Coalition.
Founded in 1919, the National Restaurant Association is the leading business association for the restaurant industry, which comprises 1 million restaurant and foodservice outlets and a workforce of 14 million employees. We represent the industry in Washington, D.C., and advocate on its behalf. We operate the industry's largest trade show (NRA Show May 21-24, 2016, in Chicago); leading food safety training and certification program (ServSafe); unique career-building high school program (the NRAEF's ProStart); as well as the Kids LiveWell program promoting healthful kids' menu options. For more information, visit Restaurant.org and find us on Twitter @WeRRestaurants, Facebook and YouTube.